The Australian Bureau of Statistics today announced a major review of its Consumer Price Index (CPI). The last major review was undertaken in 1997.

“The CPI affects every Australian”, said Brian Pink, Australian Statistician, “This review will make sure the CPI remains relevant into the future.

“Since 1960, when the CPI was first compiled, the ABS has periodically run a check to make sure that it is genuinely meeting community needs.

“This is an important opportunity to consider what the CPI is being used for, and if it is serving these uses as well as it possibly can”, said Mr Pink. “Currently it is used by governments to guide economic policy and to adjust pensions and by the private sector in lease agreements and pricing schedules.”

The Consumer Price Index is a main economic indicator, measuring the inflation faced by Australian households for goods and services.

As part of the review process, the Australian Bureau of Statistics will consult widely, providing an opportunity for user involvement in the evolution of the CPI.

Organisations and individuals are invited to make written submissions on any aspect of the review.

The ABS will also hold public hearings in capital cities early next year, to seek direct feedback from the community on the usefulness of the Australian CPI. These hearings will be announced on www.abs.gov.au and in press.

To find out more about the review, please refer to Information Paper: Issues to be considered during the 16th series Australian Consumer Price Index review (cat. no.6468.0).